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United States · Bill · S

S. 1552 (115th)

Debt Buy-Down Act

referredUnited States· United States Congress· EN

Introduced

13 July 2017

Last action

13 July 2017 · Introduced

Status

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999)

Sponsors

Sen. Flake, Jeff [R-AZ], Sen. Rubio, Marco [R-FL]

Subjects

Taxation, Budget

Source updated

11 August 2025

Taxation · Budget

Official sourceDownload fileView documentsShare

Summary

Debt Buy-Down Act This bill amends the Internal Revenue Code to allow individual taxpayers to designate up to 10% of their adjusted income tax liability for the reduction of the public debt. The bill also establishes in the Treasury a Public Debt Reduction Trust Fund to hold tax revenues generated by this bill for the reduction of the public debt. The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to: (1) require spending to be reduced annually by an amount equivalent to the revenue generated by this bill, and (2) enforce the requirement for spending reductions using a sequestration, with exemptions for Social Security retirement benefits, veterans benefits, and net interest payments on the debt. (Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.)

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 13 July 2017

    Introduced

    Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3999)

    Source: IntroReferral

  2. 13 July 2017

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 13 July 2017

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 13 July 2017

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 13 July 2017

    Open at official source

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Sponsors

Related records

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Sources

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